North Dakota lawmakers are debating House Bill 1447, which seeks to limit crypto ATM transactions to protect residents from scams. The bill, introduced on Jan. 15, proposes a $1,000 daily withdrawal cap and fees capped at $5 or 3% of the total amount per transaction. Additionally, the machines must issue warnings about potential fraud. In 2023, North Dakota residents filed 103 complaints related to crypto scams, resulting in losses totaling $6.5 million. The FBI reported over $189 million in losses tied to crypto fraud, with 5,500 cases involving crypto ATMs. House Representative Steve Swiontek, the bill's primary sponsor, noted that crypto ATMs lack the protective measures found in traditional ATMs, making them easier targets for criminals. The bill aims to create important consumer protections, requiring ATMs to advise users to report scams and note that lost funds may not be recoverable. While companies like CoinFlip support consumer protection efforts, they oppose limits on transaction sizes and fees. There are approximately 37,155 crypto ATMs worldwide, with nearly 30,000 located in the U.S.

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